Novartis Sells Flu Business To CSL

Novartis is selling its influenza vaccines business to CSL for $275 million. The Australian firm will merge the business, which had sales of $527 million in 2013, with its bioCSL subsidiary to create what it claims will be the second-largest flu vaccine producer after Sanofi. According to the companies, the flu vaccine market is worth about $4 billion annually; CSL expects to reach vaccine sales of nearly $1 billion within five years. The deal is not expected to close until the second half of 2015. Before that, Novartis expects to complete the exchange of its non-flu vaccine business for GlaxoSmithKline’s oncology drug business.